Jimmy Carter. 1977. The Community Reinvestment Act. Banks must make loans to high-risk borrowers. Opened door for ACORN (see earlier posts) to force banks to make sub-prime loans to uncreditworthy borrowers.

Barack Obama. Trained staff for Madeline Talbott, ‘key pioneer of ACORN’s subprime racket’ as Stanley Kurtz calls her, to run her ‘subprime-loan shakedown racket’. ACORN employed him as its lawyer. And he funded it through the Woods Fund and indirectly through the Chicago Annenberg Challenge. In three years in the Senate, Obama received more contributions from Fannie Mae and Freddie Mac than anyone else save Dodd, who got his contributions from them over eleven years. He appointed two Fannie Mae CEOs as advisors to his campaign.

Bill Clinton, devotee of multiculturalism, pressed for more home-ownership by those who could not afford it, minorities and in effect even illegal immigrants, and Fannie Mae and Freddie Mac responded, buying up hundreds of billions of dollars of the bad loans and sellng them on the world markets.

Harry Reid. In 2005 when John McCain sponsored a Fannie-Freddie reform bill, he led the Democrats in crushing it. Fannie and Freddie were created by Democrats and Democrats are most responsible for their failure.

McCain has repeatedly called for reforming Fannie and Freddie. President Bush – whose administration is being blamed for the crisis by Frank, Dodd, Reid etc – urged their reform 17 times this year. The irony of Bush and the Republicans being blamed now for the catastrophe the Democrats’ so insistently brought about!

The cure now is not more socialism, not more government control of the market, not the election of the most socialist-minded candidate for the presidency ever – Barack Obama.

If America elects Obama, it will be choosing socialism, and socialism has failed wherever it has been tried.

America needs to choose capitalism at this moment in history, to save itself and to give hope to the wider world. Otherwise this crisis will be turned into an American and world-wide disaster from which there may be no foreseeable return.

Posted under Uncategorized by Jillian Becker on Monday, September 29, 2008